I have one more point of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 to analyze: changes to the automatic stay to repeat filings. In the time leading up to its passage, many in Congress (and certainly creditors) believed debtors filed successive, strategic bankruptcies in a manner to avoid paying debts they …
More on Bankruptcy Reform’s Legacy: Repeat Filing Continues Read More »
It’s understandable that young Americans would not want to take out even more debt to purchase a home after the housing bust led to a wave of New York bankruptcy filings and foreclosures. Indeed, according to a 2014 Federal Reserve Bank of New York study, the number one reason a group of renters gave for …
Is Debt or Income Preventing Young Americans From Buying Homes? Read More »
There’s quite a bit to say to homeowners who are underwater on their mortgages: short sale, offering the deed in lieu of foreclosure, refinancing, obtaining a mortgage modification, staying and paying, surrendering the home in New York bankruptcy, or even walking away. By contrast there isn’t much advice for homeowners who are barely above water. …
The Federal Reserve Bank of New York regularly produces interesting analyses of consumer credit, and recently it’s blogged about how patterns in consumer debt behavior have shifted for both younger and older demographics between 2003 and 2015. Its findings have some implications for economic growth, young student-loan borrowers specifically, and possible trends in New York …
Each month the Consumer Financial Protection Bureau (CFPB) publishes a monthly report that explores consumers’ financial complaints, and it usually focuses on one region in the country. For January 2016, the agency chose New York State and the New York metro area, which the CFPB defines as the city along with several zip codes in …
CFPB Showcases New York Consumers’ Financial Complaints Read More »
One of the rare benefits of filing a chapter 13 New York bankruptcy is the ability to reduce (“cram down”) the balance of an underwater mortgage on an investment property to its current market value. More commonly, debtors in chapter 13 cram down their cars, as discussed here. Cram-downs are not available for debtors’ principal …
All Parties Must Join to Cram Down Mortgages on Investment Properties Read More »
The Wall Street Journal recently ran an article about burgeoning graduate student debt. This phenomenon began in the last decade because of the Grad PLUS Loan Program, which covers all tuition charges at graduate and professional schools as well as living expenses. The point was to eliminate private lenders, who weren’t seen as offering fair …
Most of the time, a New York bankruptcy will involve at most only one property, but it’s not unusual for debtors to own more. I’ve touched on the topic of investment properties before, but the topic of second homes or vacation homes is a little different because it’s more personal. So, what happens to them? …
A few months back I wrote that it was fair to allow the Consumer Financial Protection Bureau (CFPB) to share its two cents about reverse mortgages. It was a rebuttal of sorts to a neutral explanation I had given previously. Recently, the CFPB authored a piece on the subject again, so now it’s a little …
CFPB Finds Reverse Mortgage Advertisements Confusing and Misleading Read More »
Elsewhere in the country there have been stories about foreclosure lawsuits filed by lenders against homeowners and … themselves. It sounds like a robo-signed document. What’s going on here? The homeowners owed the same bank two mortgages, and the lender has to sue itself to proceed with the foreclosure. It’s a bizarre—but not uncommon—situation, particularly …
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